Tycoon Reuben Gn***ingam’s Westports Soars To Record High As Malaysia Raises Cargo Fees

Shares of Westports—controlled by Reuben Gn***ingam and his family—soared to a record high on Tuesday after the Malaysian government approved increased cargo handling fees at Port Klang, the country’s key transhipment hub.

The higher tariffs will be implemented in three phases, with a 15% increase on key container cargoes taking effect on July 15, Westports said in a statement on Monday. The tariffs will rise by another 10% in January 2026 and by a further 5% the following year, it added.

“The tariff revision will facilitate ongoing investments to upgrade and support the continued future growth of Port Klang as the largest gateway port in Malaysia,” Westports said. Located about 40 kilometers west of Kuala Lumpur, the terminal handled a record container volume of almost 11 million twenty-foot equivalent units (TEUs) in 2024.

Westports jumped 5.8% to 5.32 ringgit ($1.25) in late morning trading in Kuala Lumpur, heading for its highest ever close. Maybank has turned positive on the stock after the tariff hike, upgrading its rating to buy from hold.

“The earlier-than-expected tariff implementation and a sharp increase in storage charges could help offset margin pressures from potential congestion due to operational inefficiencies,” Lon Yan Jin, an ***yst at Maybank in Kuala Lumpur, wrote in a note. “We also believe improved margins could cushion against any volume slowdown should global trade weaken amid persistent or escalating geopolitical tensions.” The brokerage estimates Westports’ net profit will rise about 10% to 980 million ringgit this year and reach 1.2 billion next year.

With a concession that runs until 2082, Westports is spending about $8 billion to nearly double the port’s annual capacity to 27 million TEUs over the coming decades. The company was cofounded by G. Gn***ingam and Ahmayuddin bin Ahmad on securing the first concession in 1994.

Gn***ingam—who started his career as a sales representative of British American Tobacco group in 1968, before becoming marketing director in 1980—died two years ago at age 78. His son Reuben helms Westports as executive chairman and group managing director.

With a net worth of $2.1 billion, the Gn***ingam family is among the wealthiest in Malaysia. The family also holds stakes in football clubs Queensland Park Rangers and LAFC.